We all know grocery shopping is not so fun thing to do, going to the supermarket with the item checklist, roaming around the place, find your needy things, put them on your bags and carry those big bags with you to home. This whole process is quite complicated and frustrating. But if you know we can buy all our daily groceries through the mobile application. Surprised? Yes, Bigbasket is the name of the application. This is currently the number one online grocery application in India.
According to recent research, 60% of the people around the globe are now shopping their needed groceries online in 2019 which is creating a way for e-commerce and m-commerce to meet the even more new big opportunities.
Get Familiar with Bigbasket
Bigbasket is India’s biggest online supermarket and allows customers to relax and do shopping online. Bigbasket currently operates from 3 major cities. 1) Bangalore 2) Mumbai 3) Hyderabad. Let’s get familiar with the big basket from the beginning.
So, Bigbasket was not called as a big basket from its starting. In 1999 Mr. V S Sudhakar, Mr. Hari Menon, Mr. Vipul Parekh, Mr. Abhinay Choudhari and Mr. V S Ramesh were started online business platform called Fabmart. Then in 2001, they started an online grocery store as part of the Fabmart.com. Fabmart performs exceedingly well so that success of Fabmart they started physical retail chain call Fabmall. Fabmall is the chain of grocery supermarket. Being a successful chain of the supermarket then it was sold in 2006 and renamed by the buyer The Aditya Birla Group. After selling their Fabmart, the love for the online grocery of founders are not decreased even 1%. In 2011 the same team comes with the brand called Bigbasket.com.
Business Model
- Bigbasket is currently on the top compared to other grocery websites. The Company mainly focusing on their 3 pillars the one is exceptional customer focus, to attract new customers and also to handle old customers big basket continually update new things. like big basket offers same day delivery around the city. Like 99% on-time delivery, 99% order fill rate, and also no questions asked on the customer return policy. Through these, all company can earn customer trust and loyalty. Also, Bigbasket compensates a customer when they not able to deliver on its given time. They always try to overcome their mistakes and consistently focusing on raising the quality bar higher.
Another one is a Wide range of products. Bigbasket has more than 40% of the sales coming through their own products or brands. They take 25% of margin on other products and 35% of margin on their own products. Bigbasket also provides the products like cut fruits and vegetables, also a recipe mixes. Recently they have started their own bakery in Bangalore that delivers the bakery items.
the third one they are continuously updating themselves with the help of the technology. Bigbasket has both types of applications android and ios which allow the customers to order their groceries any time and from anywhere.
Company Growth
From 2011 to till now big basket already crossed millions of orders delivered. Bigbasket is currently available and operates in over 35 cities. The big thing is they deliver approximately 35000 orders per day and their avg. value of one order is around 1500. In starting phase around 2014 they were just serving in 3 cities and processing around 5000 orders a day. They also significantly updating and expanding their product ranges.
Bigbasket crossed around 30+ million marks in delivered customer orders. it also delivered more than 3 million orders monthly approximately. With their focus on faster delivery times across the board and innovations online and on mobile to make grocery shopping a breeze, the company had delivered a lot to the customers on top of groceries.
The fund raises to $150 million
Yes, The title is right big basket raised $150 million from South Korea’s Mirae Asset, UK’s CDC group, and Alibaba. Bigbasket already raised a fund of $300 million in last February from Alibaba and other companies. Mirae has invested around $60 million, while Alibaba and CDC have put $50 million and $40 Million.
The grocery segment accounts a noteworthy portion of the unorganized retail portion in the nation. With people becoming comfortable buying even milk and bread online, the online grocery market is anticipated to observe a solid development throughout the following couple of years in India.
The competitors of big basket include Softbank -backed growers, Walmart – backed Flipkart, Amazon and a host of smaller players.
Bigbasket recently mentioned that it aims to garner $2.5 billion around 17,500 crores in revenue nearly by 2020, from revenue average of over about 2500 crore currently.
Conclusion
The online grocery store is currently in trend or with a lower amount of competitors. Bigbasket has already taken advantage and currently becoming a $300 million dollar company. We at YouBrainz Infotech provides the mobile app development services so that you can drive your business online and generate good revenue. Because the best time to jump into business is when it’s in looming demand and the app like big basket are now in trend to set the new benchmark. If you think of having an app like BigBasket come to a free 30 minutes technical/idea consultation, YoungBrainz will assist you.
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source https://tweakyourbiz.com/business/small-business-competition/how-to-get-an-app
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